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SBA | RIN: 3245-AG66 | Publication ID: Spring 2017 |
Title: Small Business Investment Company (SBIC) Program - Impact SBICs | |
Abstract:
This rule will establish a regulatory structure for the SBIC Programs Impact Investment Fund, which is currently being implemented through a policy memorandum to interested applicants. The rule would establish in the regulations a new type of SBIC license called the Impact SBIC license and will include application and examination fee considerations to incentivize Impact Investment Fund participation. Impact SBICs may also be able to access Early Stage leverage on the same terms as Early Stage SBICs without applying through the Early Stage call process defined in 107.310. This will allow Impact SBICs with early stage strategies to apply for the program. The new license will be available to investment funds that meet the SBIC Programs licensing qualifications and commit to invest at least 50 percent of their invested capital in impact investments as defined in the rule. The rule would also outline reporting and performance measures for licensed funds to maintain Impact Investment Fund designation. The goal of the Impact Investment Fund is to support small business investment strategies that maximize financial returns while also yielding enhanced social environmental or economic impacts as part of the SBIC Programs overall effort to supplement the flow of private equity and long-term loan funds to small businesses whose capital needs are not being met. |
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Agency: Small Business Administration(SBA) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 13 CFR 107 | |
Legal Authority: 15 U.S.C. 681 |
Legal Deadline:
None |
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Timetable:
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Additional Information: Included in SBA's Retrospective Review under Executive Orders 13563 and 13610. | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: Yes | |
RIN Data Printed in the FR: No | |
Agency Contact: Theresa M. Jamerson Senior Risk and Investment Policy Advisor, Office of Investment and Innovation Small Business Administration 409 Third Street SW, Washington, DC 20461 Phone:202 205-7563 Email: theresa.jamerson@sba.gov |